Eminent domain power and afterwards: Leviathan’s post-taking opportunism |
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Authors: | Iljoong Kim Sungkyu Park |
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Institution: | 1. Department of Economics, SungKyunKwan University (SKKU), 3-53 Myeongnyun-Dong, Jongno-Gu, Seoul, 110-745, Korea 2. Korea Real Estate Research Institute, 1022-6 Bangbae 3-Dong, Seocho-Gu, Seoul, 137-851, Korea
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Abstract: | This paper investigates post-taking procedures, a research area not yet fully explored. It discusses the economic implications underlying the landowner’s ‘repurchase right (RR)’ which can be invoked upon the occurrence of a so-called ‘change in use after taking.’ RR is compared with the government’s discretion regarding such changes. The lack of post-taking accountability tends to create power ripe for abuse, and RR appears to be an effective device for constraining Leviathan’s opportunism. Finally, a parsimonious estimation supports that, under the overriding-RR regime, there exists the systematic post-taking opportunism whereby ‘original public projects are changed into inappropriate projects.’ |
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